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Business Today

ALABAMA FUND SOLE BIDDER FOR US AIRWAYS: US Airways said Alabama's state pension fund was the only bidder in a court-supervised auction to invest in the airline and fund its bankruptcy reorganization plan. In September, US Airways accepted the offer from the Retirement Systems of Alabama to purchase a 38 percent share of the airline for $240-million. The $25-billion pension fund for public employees has a history of high-profile investments. The bankruptcy court had given outsiders until Friday to outbid the pension fund.

UNITED SECURES MORE CUTS: United pilots have ratified 18 percent pay cuts, amounting to $2.2-billion, as the struggling airline tries to avoid bankruptcy. United also says it is nearing a deal with its 36,000 machinists, which would be the biggest boost yet for its chances of getting a $1.8-billion government loan guarantee. The machinists are the last employee group not to have agreed to pay cuts as part of United's targeted $5.8-billion in cuts over 5{ years.

REGULATORS APPROVE PALM BANK: Organizers of Palm Bank in Tampa have received conditional approval from state banking regulators. The organizers, led by 20-year bank veteran Chris Anderson, said so far they have commitments from 30 investors for $6.1-million, or 82 percent of the required capital. Anderson's banking career includes management posts at the Bank of Tampa and most recently First Citrus Bank. Palm Bank plans to open its first branch during the first quarter of 2003 at 612 S Dale Mabry Highway in South Tampa.

RETIREMENT HOUSING OPERATOR LOCATING IN TAMPA: Horizon Bay Management said it will move its corporate office to Tampa from Chicago in January. About a dozen executives will make the move and another two dozen will be hired. The company owns and operates retirement housing communities in eight states, including Pinecrest Place in Largo. Its office will be in the West Shore area.